Boomers are finally getting old and that brings about several questions:
What happens when all these Canadians start needing assistance?
Who is going to do the work?
Who will do the caring?
Older Canadians need safety, sustainable caregiving, flexible housing and so much more. We have seen the current cohort of people in their 80’s and 90’s struggling to fit into a structure that was not built to support their long lives.
We are quite certain that Boomers are not prepared to, as Dylan Thomas wrote, “go gentle into that good night” or even into their golden years.
The good news is there are options. Some are available now, some are in development, still others are great ideas that simply need a willing group of investors and early adopters.
As entrepreneurs in this space, we have the privilege of participating in the development of some of these new options and we have lots to say about what we see working, and what we see not working.
First let’s consider the whole idea of retirement communities. We have clients that say “there is no way I’m moving in there”. We get it, the general perception is that they are full of old, infirm people, and if you move in there, you become like them. However, for some people it is an ideal solution – no more cooking, cleaning or grocery shopping, no stairs, no snow removal and, most importantly – inbuilt socializing. The challenge is that these homes were designed for people 70+, but the average age of a new resident is 88+ with mobility and/or cognitive issues. People delay the decision to move into retirement residences until their daily life becomes an unbearable struggle. Also, these retirement homes are expensive. Especially in major urban centres. However, we have seen many people flourishing in these residences. This is a good option for some.
We know that many people want to age in place. So, the option is to bring in care. And that is a viable, albeit expensive option, as long as people have a robust social network – like Bridge, exercise classes, communal meals, etc.…(We can assist in both – setting up care and curating an active social life.)
An interesting approach is the NORC – Naturally Occurring Retirement Community. This is where a condo building has attracted older residents who have downsized from the family home. NORCs can register as a care/social hub, with shared caregivers and social calendar. We love this idea. Sharing care resources can be the most cost-effective way of obtaining bits of care as needed – allowing seniors to stay in their own condos for as long as possible. We can help communities set this up as there are a finite number available through Home and Community Care Support Services and the University Health Network.
On the other hand, Canada also has a housing supply issue. Some retirement homes’ vacancy rates that soared through the pandemic, are still high. A few have found creative solutions to fill these rooms by offering them to students – and to offset some rent, requires students to spend a certain number of hours with residents and/or do chores around the building. We like this idea – it helps the whole community – it provides housing, and it promotes inter-generational living.
To that end – if we take the idea of multi-generational living to a more entrepreneurial bent – there are developers creating housing with this in mind. Greenbilt’s Multi-Plex is one option. You can experience their approach at the Toronto Home Show, on until March 16th at the Enercare Centre.
Finally, we encourage people to consider a “Golden Girls” type of co-housing. A formal approach to this arrangement is in its infancy, but we believe this can also become a viable option to many people.
Overall, there are solutions out there – there are more solutions that will come, and we believe in the invisible hand of the market – if the average consumer is older then surely the products and services will be created to cater to them.
Discerning Seniors has several ideas to help fill the gaps going forward. Stay tuned to this space.
